June 19, 2009
By Mike Wayman
When you begin work with a credit repair company you place a great deal of trust in their hands. These companies have access to your social security number, date of birth and sometimes your driver’s license number. This makes it rather easy to steal your identity.
Sometimes these scammers start out as legitimate companies. They make good money in the beginning and when business starts to fail they may forget their guiding morals and values. When people in the credit repair industry lose their morals and values the first thing they ask themselves is how they can monetize the data they have collected from all of their clients.
Some of these companies will get lines of credit using the identity of others or just get credit cards in their client’s names. One Florida based company lately ran a more inventive scheme. This company defrauded hundreds of people in Illinois by placing unauthorized charges on their client’s phone bills. What they were buying or getting in return for these illegal charges is unknown.
Be careful about the credit repair company you choose. Definitely ask how business is going because it’s easy for some people to sacrifice their ethics when business goes bad.
From The Chicago Sun Times:
A Florida-based credit repair company that placed unauthorized charges on the phone bills of thousands of Illinois consumers has been shut down, and victims may now apply for refunds, Illinois Attorney General Lisa Madigan announced Thursday. US Credit Find and its owner, Aaron Stanz, agreed to cease participating in the alleged deceptive practice, called “phone cramming.”
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I appreciate the information given by you. Thanks
Thanks!